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AUD/NZD tests hourly 50-SMA on trade data

FXStreet (Mumbai) - AUD/NZD experienced renewed bout of selling pressure in early Asian trades, after the Australian dollar dived in the red on the back of tumbling exports.

AUD/NZD finds support near hourly 50-SMA at 1.0979

The AUD/NZD cross extends its overnight downslide and runs through fresh offers this session, largely on the back of Aussie weakness after the country’s trade gap expanded in Oct along on a notable fall in the mining exports. Metal-ores are Australia’s top export products.

On the other side of the equation, the Kiwi is seen posting moderate losses amid negative sentiment on the equities and lower oil prices. The NZD/USD weakness is thereby helping to limit the downside in AUD/NZD.

Meanwhile, the Chinese services PMI data may provide fresh cues on the cross while the downside pressure is expected to persist amid broad based USD strength ahead of Friday’s NFP report.

AUD/NZD Technical Levels

To the upside, the next resistance is located at 1.10 (round number) levels and above which it could extend gains to 1.0131 (Nov 17 High). To the downside immediate support might be located at 1.0923 (200-DMA) below that at 1.0834 (50-DMA).

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